The issue of blockchain scalability has been a topic on the front banner since the explosive growth of cryptocurrency industry few years ago. It has been a significant limitation which has prevented cryptocurrency from achieving its conscious aim of displacing traditional monetary forms, despite its inherent advantages on decentralization and centralization.
Currently, the average transaction speed of the fastest blockchain is no more than 1000 transactions per seconds, (t/s), an abysmal record when compared with Visa’ s 2500 transactions per seconds (t/s).
Consequently, the adoption of crypto by business and merchant is on pause mode due to its scalability issue.
ONTOLOGY SHARDING
Ontology seeks to achieve blockchain scalability through unique sharding techniques of a linear scalable performance, nodal transactions in every shard, atomic cross-shard processes and linearly incentived sharding transactions.
The root shard, known as the main chain, controls all other shards domiciled in different layers of the Ontology network. The network utilises Verifiable Byzantine Fault Tolerance (VFBT) consensus protocol based on Proof of Stake (PoS) mechanism. The network layer is built on a P2P synchronous mechanism to eliminate unwarranted communication queues.
The transaction process of ontology blockchain utilises inter- and intra-sharding transaction mechanisms based on asynchronous and synchronous models respectively. Furthermore, the main chain makes use of a dual-token model of ONT and ONG for effective governance and economic incentives based on PoS consensus, thereby securing the network.
These models—transaction, economic, network, system, security, all work in synergy to achieve one of the scalable blockchain platform, the Ontology chain.